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1. Strayer-University ACC 557 Final Exam
Part 1
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ACC 557 Final Exam Part 1
• Question1
GrimwoodTruckingpurchasedatractor trailerfor$171,500. Interlineusesthe units-of-activity
methodfordepreciatingitstrucksandexpectstodrive the truck1,000,000 milesoverits12-yearuseful
life.Salvage valueisestimatedtobe $24,500. If the truck is driven90,000 milesinitsfirstyear,how
much depreciationexpenseshouldGrimwoodrecord?
• Question2
Natural resourcesare
• Question3
MehringCompanyreportednetsalesof $540,000, net income of $72,000, beginningtotal assetsof
$240,000, andendingtotal assetsof $360,000. What wasthe company'sassetturnover?
• Question4

2. The four subdivisionsforplantassetsare
• Question5
The amortizationperiodforapatentcannot exceed
• Question6
A plantassetwaspurchasedon January1 for$100,000 withan estimatedsalvage valueof
$20,000 at the endof itsuseful life.The currentyear'sDepreciationExpenseis$10,000 calculatedon
the straight-linebasisandthe balance of the AccumulatedDepreciationaccountatthe endof the yearis
$50,000. The remaininguseful life of the plantassetis
• Question7
A companypurchasedoffice equipmentfor$40,000 and estimatedasalvage value of $8,000 at
the endof its5-yearuseful life.The constantpercentagetobe appliedagainstbookvalue eachyearif
the double-declining-balance methodisusedis
• Question8
On October1, 2015, HoltCompanyplacesa new assetintoservice.The costof the assetis
$120,000 withan estimated5-yearlifeand$30,000 salvage value atthe endof its useful life.Whatis
the bookvalue of the plantassetonthe December31,2015, balance sheetassumingthatHoltCompany
usesthe double-declining-balance methodof depreciation?
• Question9

3. In the stockholders’equitysectionof the balance sheet,
• Question10
FarmerCompanyreportsthe followingamountsfor2015:
Netincome $135,000
Average stockholders’equity 500,000
Preferreddividends 15,000
Par value preferredstock 100,000
The 2015 rate of returnon commonstockholders’equityis
• Question11
The dominantformof businessorganizationinthe UnitedStatesintermsof dollarsalesvolume,
earnings,andemployeesis
• Question12
Art, Inc., has 5,000 sharesof 4%, $100 par value,cumulativepreferredstockand20,000 sharesof $1 par
value commonstockoutstandingatDecember31, 2015. There were nodividendsdeclaredin2013. The
board of directorsdeclaresandpaysa $45,000 dividendin2014 and in2015. What is the amountof
dividendsreceivedbythe commonstockholdersin2015?
• Question13

4. Ramos Corporationsold400 sharesof treasurystockfor $45 pershare.The cost for the shares
was $35. The entryto record the sale will includea
• Question14
The declarationof a stock dividendwill
• Question15
Whenstock isissuedforlegal services,the transactionisrecordedbydebitingOrganization
Expense forthe
• Question16
Retainedearningsisincreasedbyeachof the followingexcept
• Question17
JarrettCompanyissued900 sharesof no-parcommonstock for $13,200. Whichof the followingjournal
entrieswouldbe made if the stockhasno statedvalue?
• Question18
Hardy Companyhascurrent assetsof $95,000, current liabilitiesof $100,000, long-termassets
of $180,000 andlong-termliabilitiesof $80,000. Hardy Company'sworkingcapital anditscurrentratio
are:

5. • Question19
A corporationrecognizesagainor loss
• Question20
Bondsissuedagainstthe general creditof the borrowerare called
• Question21
Admire CountyBankagreestolendGivensBrickCompany$600,000 on January1. GivensBrickCompany
signsa $600,000, 8%, 9-monthnote.Whatentrywill GivensBrickCompanymake topay off the note
and interestatmaturityassumingthatinteresthasbeenaccruedtoSeptember30?
• Question22
Thirty$1,000 bondswitha carrying value of $39,600 are convertedinto4,000 sharesof $5 par value
commonstock.The commonstock hada marketvalue of $9 pershare onthe date of conversion.The
entryto recordthe conversionis
• Question23
On January1, 2015, Donahue Company,acalendar-yearcompany,issued$600,000 of notespayable,of
which$150,000 isdue on January1 for eachof the nextfouryears.The properbalance sheet
presentationonDecember31,2015, is

6. • Question24
A mortgage note payable withafixedinterestrate requiresthe borrowertomake installmentpayments
overthe term of the loan.Each installmentpaymentincludesinterestonthe unpaidbalance of the loan
and a paymentonthe principal.Witheachinstallmentpayment,indicatethe effectonthe portion
allocatedtointerestexpenseandthe portionallocatedtoprincipal.
PortionAllocated PortionAllocated
to InterestExpense to Paymentof Principal
• Question25
On the date of issue,Chudzick Corporationsells$5millionof 5-yearbondsat97. The entryto recordthe
sale will includethe followingdebitsandcredits:
BondsPayable Discounton BondsPayable
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